Page 130 - Liability Insurance IC74

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specified in the schedule subject to limits selected
by the insured: Any one Accident, aggregate during
the policy period, the limits form part of the overall
limits on specified in the schedule. The special
features of extension are:

(ii) cover does not apply to legal liability arising out of
loss of and damage to valuables of residence or
bona fide guests unless (a)they are kept in the
strongroom/cloakroom maintained by the insured for
safe keeping.(b) the insured maintains proper records
of such valuables in respect of each resident or bona
fide guest.

(iii) Monies, securities, documents (including credit
cards) and plans are excluded from the cover.

This cover is subject to compulsory excess of ¼% of
the limit of indemnity Any one Accident (Min Rs.1000).
This extension is available for hotels/motels/clubs/
houses/restaurants/boarding and lodging houses and
flight kitchens.

Q7. Write short notes on three :
(a) Law of absolute liability - Supreme Court delivered a

landmark judgement in the case of Shriram Foods and
Fertiliser industries where escape of Oleum gas from

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